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Digileap AML/KYC Offerings-copy

    Home Digileap AML/KYC Offerings-copy

    At DigiLeap, we help you take a leap above and beyond Digital – way past the visual user experience and implement smart, intelligent, automated, real-time processes in the complex areas of Anti Money Laundering / Countering Financial Terrorism, Know Your Customer and Customer Due Diligence.

    • Anti Money Laundering Full Cycle Services

    • Customer Due Diligence (CDD)

    • Know Your Customer (KYC)

    • Ultimate Beneficiary Ownership

    • Identity Verfication

    • Robotic Process Automation

    • Data Governance Services

    AML/CFL and Transaction Monitoring

    Automation

    Products

    Process

    Technology

    Strategy

    aml

    Key Challenges for Banks

    Banks face major operational challenges in trying to implement AML,CFL and Sanctions measures as:

    • Client Onboarding(COB) and AML processes are largely manual and fragmented between lines-of-business(LOBs), products and geographies.
    • New and updated regulations force constant process changes
    • KYC information quality is patchy and data ownership is not established

    Intense pressure
    from
    regulators to
    comply with
    AML,CTF and
    Sanctions
    measures

    Board and
    Senior
    Management
    being made
    responsible
    for
    enforcement

    Threat of
    fines and
    loss of
    reputation.The
    quantum of fines
    growing by
    leaps and bounds

    Headcount
    increases
    reaching a
    breaking point
    in terms
    of costs and
    efficiencies

    Growing calls
    for ” near
    real-time”or
    real-time
    monitoring
    of
    transactions

    More
    sophisticated
    and faster
    avenues for
    routing
    money
    illegally

    Major Drivers for Implementing AML

    There is no single “one-size-fits-all”solution for implementing AML measures for a financial institution.

    Complexity

    The products and channels used by the customers,the geographies operated by the bank.Centralizing the customer information helps in analysing customer behaviour across multiple countries, accounts business verticals, channels and products

    Regulations

    The regulations in force currently and those likely to be implemented in future.In this regards,it is expected that regulators will get tougher on the industry despite rise in compliance costs.

    Volume and speed

    The level of AML automation required. This is determined by the volume of transactions and expected speed of transactions. There are limitations in throwing bodies at the ever-increasing requirements for monitoring and reporting automation is required after a point

    1.Regulations and Strategy

    • Strategy should factor in Regulations getting tougher over a period of time
    • The more Lines of Business(LOBs)and Geographies the bank operates in,AML/CTF policies and procedures get more complex
    • AML framework design should centrally capture all products and channels

    2.Organization,Process and Procedures

    • Define organization structure that separates AML Operations out of LOBs
    • Create 3 Lines of Defence separating AML Operations,Compliance and Internal audit.Customer-facing staff work with AML Operations
    • Create AML policies and procedures strictly based on regulations
    • Centralize data repositories and procedures with country variations

    3.KYC Due Diligence of New Customer

    • Create a strong Customer Onboarding(COB) checklist
    • Define Risk Assessment matrices on policies,products and customer profiles
    • Identify high risk customers,PEPs and entity structures
    • Ensure Data Management capabilities and solutions exist

    4.Periodic Review of existing customers

    • Maintain golden source data repositories with ownership by AML Operations
    • Existing customer review should be a refresh of the full KYC profile and dependent on risk rating,organization appetite and regulatory requirement
    • New or updated regulations need to incorporated into the periodic reviews

    5.Transaction
    Monitoring /
    Screening

    • Baseline activities that define normal behaviour and allocate new users to a “profile group” that perform similar transactions
    • Processes required to identify transactions signifying unusual behaviour
    • Incorporate Watch lists and perform due diligence of Correspondents

    6.Management and
    Regulatory
    Reporting

    • Create a strong culture of compliance and reporting
    • Provide regular management updates to give organization a sense of control
    • Provide regular compliance reports to regulators
    • Ensure SARs / CTRs are raised on time

    This is custom heading element

    Ready to step into a world of seamless AML compliance? Request a demo now and experience our platforms in action:
    Request a demo

    This is custom heading element

    Ready to step into a world of seamless AML compliance? Request a demo now and experience our platforms in action:
    Request a demo

    About Us

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    Contact Us

    Digileap Technologies Pte. Ltd.

    10, UBI Crescent, UBI TechPark, Lobby B, 07-12 W, Singapore 408564
    mail to info@digileap.net 

     

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